Most Dangerous Trends Final


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Join us for a LIVE WEBINAR that identifies the key reasons why most business fail and the factors that are found in those that succeed. During the webinar, Growthink's co-founder and CEO Jay Turo will uncover the pitfalls that entrepreneurs and managers just can't seem to avoid, and reveal best practices for successfully growing and exiting your business.

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Most Dangerous Trends Final

  1. 1. The Most Dangerous Trends Facing Entrepreneurs Today: And What To Do About It! Presented by: Jay Turo Co-Founder, Growthink, Inc.
  2. 2. Table of Contents <ul><li>Who is Growthink? </li></ul><ul><li>Entrepreneurship – the ONLY option </li></ul><ul><li>Challenges of entrepreneurship </li></ul><ul><ul><li>Ideas </li></ul></ul><ul><ul><li>Capital </li></ul></ul><ul><ul><li>Action </li></ul></ul><ul><li>What entrepreneurs think they need vs. what they really need </li></ul><ul><li>Knowledge – the well spring of success </li></ul>
  3. 3. Who is Growthink? <ul><li>Founded in 1999, more than 2,000 client engagements to date </li></ul><ul><ul><li>Business Plans </li></ul></ul><ul><ul><li>Market Research & Feasibility Studies </li></ul></ul><ul><ul><li>Investment Banking </li></ul></ul><ul><ul><ul><li>Raise capital </li></ul></ul></ul><ul><ul><ul><li>Advise on business sales and acquisitions </li></ul></ul></ul><ul><ul><li>Web Strategy, Development & Marketing </li></ul></ul><ul><li>Client focus is startups and emerging growth companies </li></ul><ul><li>Team of 40 advisory professionals </li></ul><ul><li>Offices in Los Angeles, New York, and San Francisco </li></ul>
  4. 4. Our Credentials <ul><li>FINRA/SIPC Broker – Dealer (registered in all 50 states) </li></ul><ul><li>Inc. 1000 Listed Company (Top 100 Business Services Company) </li></ul><ul><li>Better Business Bureau “A” Rating </li></ul><ul><li>More than 250 press mentions </li></ul><ul><ul><li>Wall Street Journal, New York Times, Forbes, Fortune, Entrepreneur Magazine, BusinessWeek, among others </li></ul></ul>
  5. 5. What Is a 21 st Century Entrepreneur? <ul><li>Whether you work for a company or are starting your own company, if you’re successful in business in the 21 st century, you ARE an entrepreneur. </li></ul><ul><ul><li>All business models, and thus job descriptions, are morphing at an increasingly rapid rate </li></ul></ul><ul><ul><li>The business that you’re in today in the NEAR future will be fundamentally different and thus your role in it will and must evolve </li></ul></ul>
  6. 6. Being an entrepreneur is the ONLY option <ul><li>The global economy is realizing its most dramatic changes in 60 years </li></ul><ul><li>Your career, income and retirement are under threat </li></ul><ul><ul><li>Short Term. Unemployment rose from 4.5% to 6.5% from April 2007 to December 2008 </li></ul></ul><ul><ul><li>Long Term. Technology and globalization driving the speed of business </li></ul></ul><ul><li>These threats can ONLY be responded to with an entrepreneurial mindset </li></ul>
  7. 7. Entrepreneurship is about much more than $$ <ul><li>It is about those qualities that make us most deeply human </li></ul><ul><ul><li>Empowerment </li></ul></ul><ul><ul><li>Expression </li></ul></ul><ul><ul><li>Legacy </li></ul></ul><ul><li>And most appeal to our animal instincts </li></ul><ul><ul><li>Power </li></ul></ul><ul><ul><li>Conquest </li></ul></ul><ul><li>Is an almost ubiquitous human desire </li></ul><ul><ul><li>6 million new startups every year in America </li></ul></ul><ul><ul><li>To say nothing of the countless millions of aspiring entrepreneurs here and overseas </li></ul></ul>
  8. 8. Quite simply, the rules have changed <ul><li>The boy who looked for coins </li></ul><ul><ul><li>Found 387 pennies, 62 nickels, 49 dimes, 16 quarters, 2 half-dollars, and 6 one-dollar bills – a total of $22.87 </li></ul></ul><ul><li>Succeeded in the old economy </li></ul><ul><ul><li>Head down, blocking and tackling every day </li></ul></ul><ul><li>But ultimately missed out </li></ul><ul><ul><li>Missed 28,742 beautiful sunsets, rainbows, babies growing, birds flying, sun shining, and the smiles of people around him </li></ul></ul><ul><ul><li>Missed out on the entrepreneurial age </li></ul></ul>
  9. 9. Succeeding as an entrepreneur is HARD – Why? <ul><li>Ideas. Developing fundable (by both investors and customers) ideas </li></ul><ul><li>Capital. Secure $$ </li></ul><ul><li>Action. Transforming the ideas and $$ into sustainable, successful enterprises </li></ul>
  10. 10. Good ideas are hard to find <ul><li>Ideas that addresses unmet needs in a large marketplace </li></ul><ul><li>Ideas that are conceived by people/companies that can establish a sustainable competitive advantage in fulfilling these needs </li></ul><ul><li>Ideas that are the seeds of a profitable business model </li></ul>
  11. 11. Capital for these ideas is hard to get <ul><li>Institutional (Venture capital and private equity) capital has almost completely dried up for startups and small businesses </li></ul><ul><li>Individual investors (angels) sitting on sidelines </li></ul><ul><li>Bank loan standards extremely tight </li></ul><ul><li>Bad sentiment </li></ul>
  12. 12. Even with ideas and $$, success is elusive <ul><li>Dun & Bradstreet statistics show that 88.7% of businesses fail </li></ul><ul><li>U.S. Small Business Admin-istration data shows that 71% of businesses fail within 10 years </li></ul><ul><li>NVCA reports that 88.3% of venture backed companies fail to reach IPO or M&A events </li></ul>
  13. 13. In today’s market, not even the so called gilt edge companies are safe <ul><li>AIG, Bear Stearns, Citigroup, Countrywide, Chrysler, Ford, General Motors, Fannie Mae, Freddie Mac, Lehman, Merrill Lynch, Wachovia, Washington Mutual, and the list goes on </li></ul><ul><li>Your business is under constant threat and must constantly improve </li></ul><ul><ul><li>New ideas </li></ul></ul><ul><ul><li>New strategies </li></ul></ul><ul><ul><li>New partnerships </li></ul></ul>
  14. 14. To succeed, we need to look at things a little differently…
  15. 15. What Entrepreneurs Want Vs. They Really Need Think You Want Really Want Really Need/Goal Really Need / Action Plan Power Drill Hole Shade <ul><li>Knowledge/Education </li></ul><ul><ul><li>Best way to create shade </li></ul></ul><ul><li>Best Product </li></ul><ul><ul><li>Blackout shades, tinted glass, curtains, etc </li></ul></ul>
  16. 16. What Entrepreneurs Really Need + Think Want Really Want Really Need Really Need Business Plan <ul><li>Personal Satisfaction </li></ul><ul><li>Wealth and financial freedom </li></ul><ul><li>Control of destiny/ Being own boss </li></ul><ul><li>Follow passion/ Change the world </li></ul>Capital Business Success / Exit <ul><li>Knowledge!! </li></ul>Failure Rate = 81.3% Failure Rate = 88.7%
  17. 17. Knowledge <ul><li>&quot;A little learning is a dangerous thing; </li></ul><ul><li>Drink deep, or taste not the Pierian spring: </li></ul><ul><li>There shallow draughts intoxicate the brain, </li></ul><ul><li>And drinking largely sobers us again.” </li></ul><ul><ul><ul><ul><ul><li>Alexander Pope </li></ul></ul></ul></ul></ul>
  18. 18. Knowledge – The Many Aspects of Business Intelligence <ul><li>Creativity </li></ul><ul><ul><li>The wellspring of strategy </li></ul></ul><ul><li>The “MBA” skill sets </li></ul><ul><ul><li>Marketing, operations, finance & accounting </li></ul></ul><ul><li>The Managerial Arts </li></ul><ul><ul><li>Achieving your dreams via leading others to achieve theirs </li></ul></ul><ul><li>Salesmanship </li></ul><ul><ul><li>Getting to yes </li></ul></ul><ul><li>Goal setting </li></ul><ul><ul><li>Putting deadlines on your dreams </li></ul></ul>
  19. 19. Creativity <ul><li>Necessary, but by no means sufficient condition </li></ul><ul><li>Entrepreneurship is often confused with creativity </li></ul><ul><ul><li>Coming up with a great idea is only the beginning </li></ul></ul>
  20. 20. The “MBA” Skill Sets <ul><li>Marketing </li></ul><ul><ul><li>Offline & Online </li></ul></ul><ul><ul><li>Brand Positioning </li></ul></ul><ul><ul><li>Marketplace awareness </li></ul></ul><ul><ul><li>Connecting with your customer </li></ul></ul><ul><li>Operations </li></ul><ul><ul><li>Efficient and consistent business processes </li></ul></ul><ul><ul><li>Dell, Wal Mart, General Electric </li></ul></ul><ul><li>Finance & accounting </li></ul><ul><ul><li>Profit and Loss </li></ul></ul><ul><ul><li>Balance Sheet </li></ul></ul><ul><ul><li>Cash Flow </li></ul></ul>
  21. 21. The Managerial Arts <ul><li>Of customers, of employees, of partners, of shareholders, of vendors and suppliers </li></ul><ul><li>Success through modeling </li></ul><ul><ul><li>Richard Branson, Jack Welch, John Chambers, Steve Jobs </li></ul></ul><ul><ul><li>Stephen Covey, Jim Collins, Dale Carnegie, Ken Blanchard </li></ul></ul>
  22. 22. Salesmanship <ul><li>The art and science of getting to yes </li></ul><ul><li>Attitude management </li></ul><ul><li>Area where improvement in skill sets can make the biggest short term difference </li></ul><ul><ul><li>In securing customers, in raising capital, in motivating employees </li></ul></ul><ul><li>Our recommendations </li></ul><ul><ul><li>Chet Holmes </li></ul></ul><ul><ul><li>Tom Hopkins </li></ul></ul><ul><ul><li>Magazines – Personal Selling Power </li></ul></ul><ul><ul><li>And thousands of others </li></ul></ul>
  23. 23. Goal-Setting <ul><li>Pig-headed discipline and determination </li></ul><ul><li>Focus </li></ul><ul><li>Beware the easy seduction of re-strategizing </li></ul><ul><li>Even the best ideas require long and intense effort to make real </li></ul>
  24. 24. What have we learned and where does it lead? <ul><li>The world is changing – only the agile entrepreneur will thrive </li></ul><ul><li>Many levels and many aspects of mastery </li></ul><ul><ul><li>Creativity, The “MBA”skills, managerial arts, </li></ul></ul><ul><ul><li>salesmanship, goal setting </li></ul></ul><ul><li>Lifelong undertaking and challenge </li></ul><ul><li>Find guides that can help you </li></ul>
  25. 25. How Growthink Can Help <ul><li>Free Content on Growthink Website </li></ul><ul><li>Growthink University </li></ul><ul><ul><li>Memberships start at $39.95/month </li></ul></ul><ul><li>Growthink Direct </li></ul><ul><ul><li>Business plan development for startups and small businesses </li></ul></ul><ul><li>Growthink Consulting </li></ul><ul><ul><li>Strategy consulting and investment banking for emerging and middle market companies </li></ul></ul>
  26. 26. Questions? 800-506-5728 [email_address]